Taking out a revolving credit seems very simple. However, there are always a number of things to keep in mind. You also want to take out a cheap revolving credit? Paying too much is not difficult. However, taking out an advantageous loan with a low interest rate and good conditions is a lot less simple. What should you pay attention to when taking out a revolving credit? What should you look at and who can provide you with advice, preferably free of charge? And taking out a revolving credit without BKR testing, is that possible?
Taking out revolving credit
|Personal loan||Revolving credit||Mini loan|
|From 4.1%||From 4.5%||Borrow a maximum of $ 1500|
|Fixed interest||variable interest||No BKR testing|
|from 21 to 69 years old||from 21 to 69 years old||from 21 to 70 years old|
|Payment within 2 days||Payment within 2 days||Payment within 24 hours|
|Apply for a personal loan||Apply for revolving credit||Apply for a mini loan|
As indicated, taking out a revolving credit is of course never difficult in itself. The only question is how you can make borrowing money cheaply with revolving credit. There are a number of important rules for this.
- Always look at the total cost of your new loan (ESIC form)
- A low monthly period means a long term, so pay a lot of interest
- Watch out for variable interest
In the total costs of a loan, the ESIC form (appendix to your financing contract) already indicates the total costs when you take out the loan. Attention this is still without the costs for (brokerage of) any insurance in the event of death, disability or involuntary unemployment.
If you opt for a loan with a low monthly term, you spread your term, as it were. By definition, a long term means paying a lot of interest. The longer the loan is used, the more you have to pay interest.
With variable interest, and a revolving credit always has a variable interest, the interest can rise. The banks only make this known in your online environment, or on the paper balance statement. You will not receive a separate letter for this. Make sure to look at the interest rate at least several times a year. Transferring a loan can save you a lot of money.
Taking out revolving credit without BKR testing
Taking out a revolving credit is not difficult in itself. Borrowing money without BKR testing, on the other hand, can be quite a challenge. Unfortunately, this also applies to taking out a revolving credit. Revolving credit facilities are in fact only granted by banks and lenders affiliated to the BKR. These are obliged to carry out an assessment before the loan is granted. If you have a negative BKR registration, taking out a revolving credit will be a huge challenge.